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Shares of Oasis Petroleum Inc. sank 11% on heavy volume Tuesday, after the oil and gas exploration and production company announced a public offering of common stock, and after a SunTrust Robinson Humphrey downgrade. The stock was the biggest decline on the NYSE, and volume of 43 million shares was about five times the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The company said late Monday that it was selling 32 million shares of common stock to the public for gross proceeds of approximately $321.9 million, implying a per-share price of about $10.06. Separately, the company said late Monday it agreed to buy 20,300 acres in the Delaware Basin for $946 million, consisting of $483 million in cash and 46 million shares of common stock. SunTrust RH analyst Neal Dingmann downgraded Oasis to hold from buy, and slashed his stock price target to $11 from $14, citing the "hefty price" the company paid to enter the Delaware Basin. The stock has plunged 41% year to date, while the SPDR Energy Select Sector ETF has slipped 7.1% and the S&P 500 has climbed 19%.

Oasis Petroleum Inc.

Oasis Petroleum, Inc. engages in the business of acquisition, development and exploration. It focuses on oil and natural gas properties of Williston Basin. It operates through the following segments: Exploration and Production, Midstream Services, and Well Services. The Exploration and Production segment refers to the sale of oil, and natural gas production. The Midstream Services segment performs salt water gathering, disposal services, fresh water services, natural gas gathering and processing as well as crude oil gathering and transportation, and other midstream services for the oil and natural gas wells. The Well Services segment relates to the completion services for the oil and natural gas wells as well as the products sales and equipment rentals. The company was founded by Thomas B. Nusz and Taylor L. Reid on March 8, 2007 and is headquartered in Houston, TX.
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